As a seasoned investor with a penchant for crypto and a keen eye for market trends, I find myself nodding in agreement with Naval Ravikant’s insights. Over the years, I’ve seen countless projects that have sprung up like dandelions, only to wilt away due to premature riches among their founders. It’s akin to striking gold and then forgetting to build the mine.
Naval Ravikant, a well-known American angel investor in Silicon Valley, has expressed his viewpoint that many cryptocurrency initiatives ultimately fail due to their creators becoming wealthy prematurely.
The AngelList founder has backed various cryptocurrency projects, including self-custody platform Casa.
Ravikant’s most recent take has attracted a lot of attention from the investment community.
In response to Ravikant’s post, Aaron Jacobson, who heads marketing at the X social media platform, stated that many cryptocurrency projects don’t last because they create their own tokens with unproven decentralization, instead of utilizing established cryptocurrencies like Bitcoin for development. According to him, these projects often fail due to the fact that the tokens are primarily controlled by the founding team, whereas building on an existing currency would be more effective.
In simpler terms, Mike van Rossum, who works as a quantitative trader, points out that some cryptocurrency projects deliberately design their economic structure (tokenomics) to maximize profits for venture capitalists and others involved during the initial coin offering or token sale events.
Adam Draper, a well-known venture capitalist and son of Bitcoin mogul Tim Draper, often observes that the crypto sphere traditionally involves capturing value prior to its creation, resulting in wealth accumulation before the quest concludes. Recently, though, he has pointed out signs that this trend might be shifting.
According to Zaki Manian from Sommelier Protocol, it appears that the situation has improved since the market no longer overvalues cryptocurrency projects without revenue.
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2024-11-04 08:44